BUILDING WEALTH 101

Financial fundamentals from a self-made businessman/philanthropist.

In Building Wealth (2019), Barbera combined an account of his own real estate success story with a large dose of financial advice. This similarly titled work specifically details several key areas of personal finance in 13 informative chapters. Topic areas include budgeting, spending habits, credit card use, home ownership, money management, investment vehicles, taxes, insurance, launching a business, and retirement. The book is likely to be most appropriate for those who are just starting out in life, but the author notes that he intended it for everyone, “wherever you may be on your life’s journey.” To that end, Barbera does a fine job of imparting his considerable knowledge in a personable, conversational style. He sets the tone with an excellent discussion of how to develop the right mindset to build wealth over time and focuses on such key components as continuing one’s education, building relevant skills, networking, and finding mentors. Early on, he distills what he calls the “secret” of becoming wealthy into an utterly simple goal, designed to make the process less intimidating: “Have more money coming in than going out.” Certainly, much of the material covered here can be found elsewhere; it’s the author’s belief system, with its focus on personal care, that sets this book apart, as evidenced in statements such as “Create good habits with your health as you create good habits with your money,” and “real wealth lies in the ability to make decisions without fearing that a choice could leave you destitute.” Useful tools, such as a budget worksheet and easy-to-understand financial examples and illustrative charts as well as anecdotes from the author’s own life, round out the content. Not surprisingly, one of the most helpful sections of the book concerns starting a business; in it, Barbera discusses finding a niche, employing cost-benefit analysis, and growing an organization. Also valuable is his authoritative overview of stock-market investing.

A straightforward, succinct guide to financial basics.